Arista Networks, Inc. (NYSE:ANET) Given Consensus Rating of “Moderate Buy” by Brokerages

Arista Networks, Inc. (NYSE:ANET) has been given an average recommendation of “Moderate Buy” by the seventeen ratings firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $102.42.

ANET has been the subject of several research reports. Barclays dropped their price target on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research report on Wednesday, December 4th. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Morgan Stanley boosted their target price on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Piper Sandler restated a “neutral” rating and issued a $105.25 target price (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Finally, Citigroup boosted their price objective on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a report on Tuesday, October 8th.

Arista Networks Trading Down 0.9 %

Shares of ANET opened at $114.46 on Monday. The firm has a market cap of $144.19 billion, a P/E ratio of 55.03, a PEG ratio of 3.21 and a beta of 1.08. The stock’s 50 day moving average is $106.48 and its two-hundred day moving average is $96.08. Arista Networks has a 12 month low of $60.08 and a 12 month high of $120.28.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company’s revenue was up 20.0% compared to the same quarter last year. During the same period last year, the firm posted $0.41 earnings per share. Equities research analysts forecast that Arista Networks will post 1.96 EPS for the current year.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.09, for a total transaction of $8,407,200.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,363,647.84. The trade was a 86.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Friday, November 1st. The stock was sold at an average price of $98.30, for a total transaction of $786,360.00. Following the sale, the director now owns 179,784 shares in the company, valued at $17,671,868.28. This represents a 4.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 345,316 shares of company stock valued at $37,761,976. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds have recently modified their holdings of ANET. Johnson Investment Counsel Inc. acquired a new position in Arista Networks in the 2nd quarter valued at $237,000. GHP Investment Advisors Inc. raised its position in Arista Networks by 39.0% in the second quarter. GHP Investment Advisors Inc. now owns 371 shares of the technology company’s stock worth $130,000 after acquiring an additional 104 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Arista Networks by 12.5% in the second quarter. Parallel Advisors LLC now owns 7,450 shares of the technology company’s stock valued at $2,611,000 after acquiring an additional 826 shares during the period. Thoroughbred Financial Services LLC lifted its holdings in Arista Networks by 34.5% in the second quarter. Thoroughbred Financial Services LLC now owns 4,136 shares of the technology company’s stock valued at $1,449,000 after acquiring an additional 1,061 shares during the period. Finally, Wealthspire Advisors LLC grew its stake in shares of Arista Networks by 328.3% during the 2nd quarter. Wealthspire Advisors LLC now owns 4,587 shares of the technology company’s stock worth $1,608,000 after purchasing an additional 3,516 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.